Comcast 2011 Annual Report Download - page 118
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Note 16: Income Taxes
Components of Income Tax Expense
Year ended December 31 (in millions) 2011 2010 2009
Current expense (benefit):
Federal $ 1,480 $ 1,502 $ 802
State 359 385 (156)
Foreign 153 ——
1,992 1,887 646
Deferred expense (benefit):
Federal 658 463 945
State 371 86 (113)
Foreign 29 ——
1,058 549 832
Income tax expense $ 3,050 $ 2,436 $ 1,478
For U.S. federal income tax purposes, NBCUniversal Holdings is treated as a partnership and NBCUniversal
is disregarded as an entity separate from NBCUniversal Holdings. Accordingly, neither NBCUniversal Hold-
ings nor NBCUniversal and its subsidiaries incur any material current or deferred domestic income taxes.
Current and deferred foreign income taxes are incurred by NBCUniversal’s foreign subsidiaries.
In 2011, NBCUniversal had foreign income before taxes of $476 million, on which foreign income tax expense
has been recorded. We recorded U.S. income tax expense on our allocable share of NBCUniversal’s income
before taxes, both domestic and foreign, reduced by a U.S. tax credit equal to our allocable share of
NBCUniversal’s foreign income tax expense.
Our income tax expense differs from the federal statutory amount because of the effect of the items detailed
in the table below.
Year ended December 31 (in millions) 2011 2010 2009
Federal tax at statutory rate $ 2,872 $ 2,136 $ 1,787
State income taxes, net of federal benefit 354 204 174
Foreign income taxes, net of federal credit 89 ——
Nontaxable income attributable to noncontrolling interests (410) 2—
Benefit related to certain subsidiary reorganizations —— (151)
Adjustments to uncertain and effectively settled tax positions, net 77 37 (178)
Accrued interest on uncertain and effectively settled tax positions, net 66 60 (120)
Other 2(3) (34)
Income tax expense $ 3,050 $ 2,436 $ 1,478
Comcast 2011 Annual Report on Form 10-K 116